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Apr 20, 2013
04/13
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now, some people can't understand what the trade deficit is, some will, but the trade deficit is the difference between what america exports and what we import so what it really means to say that we're $500 billion out of balance for the rest of the world is that we're consuming more than we produce to the tune of $500 billion a year. the reason that's true is the only place you can get goods to consume is you either make them yourself or import them from someplace else. this is another way in which the united states is living beyond its means. now, those remarks were to try to get you interested. people don't usually pay money to hear me speak. i assume you are all at least somewhat interested. if you look at free trade, once you understand there's an issue here with the trade situation, if any of you got a wallet on you, pull out a ten dollar bill. the guy on the ten dollar bill etary of the treasury, ca the intellectual architect of american capitalism, one of the founding father, and an envowed protectionist as was abraham lincoln, as was virtually every president prior to world
now, some people can't understand what the trade deficit is, some will, but the trade deficit is the difference between what america exports and what we import so what it really means to say that we're $500 billion out of balance for the rest of the world is that we're consuming more than we produce to the tune of $500 billion a year. the reason that's true is the only place you can get goods to consume is you either make them yourself or import them from someplace else. this is another way in...
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Apr 20, 2013
04/13
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CSPAN2
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have been deficits for four years. but sometimes you need some, you get it, other times, in germany, to end with one poll that is quite interesting. you may know, you may have known that of course there's a lot of concern in public opinion, is it not the wrong decision to care for the european monetary, if you look at -- be have the highest polls we ever had, and shoo we stay in the euro or not. 70%, which is high, said, yes, we have to stay. we have to solve the problem. and it's a good basic. thank you very much. >> thank you very much. [applause] >> let me just start the questions by asking you, we have seen major initiatives in both the united states and europe to regulate banks. is more coordination needed between the two of us and if so, how would you recommend that we could achieve that. >> obviously more coordinate needed, but we try to find solutions in europe. we know that u.s. has in some way gone ahead, but we will work -- we discuss -- it's not most problematic issue actually, to have common understanding
have been deficits for four years. but sometimes you need some, you get it, other times, in germany, to end with one poll that is quite interesting. you may know, you may have known that of course there's a lot of concern in public opinion, is it not the wrong decision to care for the european monetary, if you look at -- be have the highest polls we ever had, and shoo we stay in the euro or not. 70%, which is high, said, yes, we have to stay. we have to solve the problem. and it's a good basic....
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Apr 22, 2013
04/13
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greece has made a lot of progress in reducing deficit as well. therefore, we are regaining confidence. and if you look at market, markets are very, have regained a lot of confidence. and bonds for all member states, including italy, spain, all the concerned countries, are below they used to be before the crisis. therefore, markets have regained what we are doing now is building the next step, building the banking union. we have already agreed on mechanisms because we need a strong european supervision of banks because our banking works not only in the frame of one member state, but all of us. we need a european mechanism and a european supervision. we haveimemented, we will implement a supervise mechanism in the coming weekings. it -- weeks. it has been already decided. we will build, we have a european regulation on deposit insurance. we have a european regulation on our -- it is not yet decided, but it's drafted, and it is on the way on regulation that was -- [inaudible] mechanism as well. and, therefore, we are working step by step in the dire
greece has made a lot of progress in reducing deficit as well. therefore, we are regaining confidence. and if you look at market, markets are very, have regained a lot of confidence. and bonds for all member states, including italy, spain, all the concerned countries, are below they used to be before the crisis. therefore, markets have regained what we are doing now is building the next step, building the banking union. we have already agreed on mechanisms because we need a strong european...
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is presently struggling with a budget deficit the u.k. is saddled with an enormous deficit complete with negative economic growth none of those countries have anticipated that these economic ills would overlap in such a way that it would inflict such a severe downturn on them one could argue that it was economists who had failed to give us an early warning or that it was the regulators who had failed to account for all the risks or maybe and i think this is the case it was politicians who had allowed a boost in spending without securing revenues are driven as they often are by populist russia now as a result those economies were essentially living on credit i believe that one of the major precursors to the crisis had been exactly the fact that politicians who oversaw an accumulation of debt in fact when their economies were enjoying positive economic growth growth periods should normally be used to reduce debt when the crisis broke out those economies found themselves ridden with debt with no reserves to use as a safety cushion therefore
is presently struggling with a budget deficit the u.k. is saddled with an enormous deficit complete with negative economic growth none of those countries have anticipated that these economic ills would overlap in such a way that it would inflict such a severe downturn on them one could argue that it was economists who had failed to give us an early warning or that it was the regulators who had failed to account for all the risks or maybe and i think this is the case it was politicians who had...
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Apr 19, 2013
04/13
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CSPAN2
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proposed a budget going forward, and a way to have sustained and balanced approach to both reducing the deficit but making some of the critical investments that we need to make, and actually the budget anticipates -- >> we are all -- i should add, start in row. we are all cheers about the magnificent contribution to brain research. thank you. >> i think that's an example of the presidency believe that we ur proper t sinst, and certainly scientifc sech is one of the most critical investments to keep the innovation and research at the front and. so we very much support outlining the mapping strategy which could have a huge impact not only on the future but we think about health costs related to everything from autism to alzheimer's, and if you want to really get our arms around what's happened to health costs in the future, just brain mapping, has an enormous impact. and as you say, i think dr. collins estimates that is about a 71 return, that every dollar in research grant generates about $7 in economic activity in the community where those research grants end up in terms of jobs and scientists.
proposed a budget going forward, and a way to have sustained and balanced approach to both reducing the deficit but making some of the critical investments that we need to make, and actually the budget anticipates -- >> we are all -- i should add, start in row. we are all cheers about the magnificent contribution to brain research. thank you. >> i think that's an example of the presidency believe that we ur proper t sinst, and certainly scientifc sech is one of the most critical...
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Apr 23, 2013
04/13
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it's also not directed to where we really need to do to reduce the deficit. once again sequestration applies to discretionary spending primarily, it provides a fourth round of cuts, we've already had cuts over the last three years and for the agencies that are affected, it's equivalent to about a 10% cut. you can't do that without seriously affecting the mission of the agencies. and that is just wrong. and that's why i have said from the beginning, let's replace sequestration. well, march 1 came, sequestration came, people woke up the next day and said what's the big deal? well, we're finding out what the big deal is all about. we just heard from the budget of the f.a.a., the air traffic controllers, that because of sequestration they have little option, 85% of their proiption praitional budget is in personnel and air traffic controllers are most of the personnel. so therefore they've announced this have to furlough 11 days during the remainder of this fiscal year, and that comes out to about one furlough day over each work period. it's as much as a 10% reduc
it's also not directed to where we really need to do to reduce the deficit. once again sequestration applies to discretionary spending primarily, it provides a fourth round of cuts, we've already had cuts over the last three years and for the agencies that are affected, it's equivalent to about a 10% cut. you can't do that without seriously affecting the mission of the agencies. and that is just wrong. and that's why i have said from the beginning, let's replace sequestration. well, march 1...
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Apr 23, 2013
04/13
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it is deficit-reduction without a tax increase. i think it's the kind of deficit reduction that we can get bipartisan support for in the country. grow up all sorts of other issues. what about public education? public schools don't teach kids how to read english well and don't teach them american history. but that's a problem, then we need education reform. that is being worked on a state- by-state. that's a problem for kids born here as well as everybody else, in terms of the quality of education they're getting. what about the welfare system? 185 means-tested welfare programs. bill clinton worked with republican congress to reform aid to families with dependent children. we can make progress on the others as well, and reforming welfare is important and needs to be done. it saves money and keeps people from getting locked into welfare dependency. but none of those are arguments for getting in the way of immigration reform. then there's the question of entitlements medicare and get benefits because they are born, a question of immig
it is deficit-reduction without a tax increase. i think it's the kind of deficit reduction that we can get bipartisan support for in the country. grow up all sorts of other issues. what about public education? public schools don't teach kids how to read english well and don't teach them american history. but that's a problem, then we need education reform. that is being worked on a state- by-state. that's a problem for kids born here as well as everybody else, in terms of the quality of...
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Apr 23, 2013
04/13
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so the country will have a bit more time to reduce its public deficit. then it will be able to implement some growth incentive measures. that's the reason why the stock market is doing well and that's the reason why we've seen yesterday the bond market failing to the lowest level in 2 1/2 years, despite the report from eurostadt saying spain last year had the highest deficit in europe and the latest announcement from the bank of spain in terms of economic growth. >> stephane, by the way, if you could order pizza through your television -- i've seen that television, it's pretty big -- would you? >> sorry, if i could order pizza? >> yes. through your television. would you be interested? >> well, i have reached an age i can't afford -- i can't eat pizza. but, you know, one piece brings probably two hours, three hours at the gym. >> not worth it. that might tie in nicely with what's going on in our next story. stephane, thank you very much. pizza and video games may now be going hand in hand. in fact, it might be the perfect food to chow down on while you're
so the country will have a bit more time to reduce its public deficit. then it will be able to implement some growth incentive measures. that's the reason why the stock market is doing well and that's the reason why we've seen yesterday the bond market failing to the lowest level in 2 1/2 years, despite the report from eurostadt saying spain last year had the highest deficit in europe and the latest announcement from the bank of spain in terms of economic growth. >> stephane, by the way,...
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Apr 23, 2013
04/13
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call it an obsession with the deficit or demand for austerity that's been coming from all quarters of the republican party since 2008. >> we can't continue to spend money we don't have. >> we can't just keep spending money we don't have. >> it's time to cut spending. >> unfortunately, the facts do not support their thesis. there is now a chorus of commentators, businessowners and corporate titans, who all accept that taking chunks out of an already melancholic economy will do nothing but sustain the misery. an individual who runs the world's largest bond fund said this in an interview. "the uk and almost all of europe have erred in terms of believing austerity, fiscal austerity in the short term is the way to produce real growth. it is not. you've got to spend money." yet, despite this expert opinion, the republican party led by chairman reince priebus launched a twitter campaign yesterday attempting to blame the president for a policy that they, themselves, absolutely adore. it was pegged to the increasing impact of sequestration on domestic air travel. and produced the laughable cla
call it an obsession with the deficit or demand for austerity that's been coming from all quarters of the republican party since 2008. >> we can't continue to spend money we don't have. >> we can't just keep spending money we don't have. >> it's time to cut spending. >> unfortunately, the facts do not support their thesis. there is now a chorus of commentators, businessowners and corporate titans, who all accept that taking chunks out of an already melancholic economy...
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Apr 23, 2013
04/13
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CNBC
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american taxpayers as he can possibly create in order to justify higher taxes, more spending, more deficits. everyone knows what this play is all about. >> go ahead, steve. fight back. >> well, congressman, wasn't john boehner in the room? wasn't mitch mcconnell present for this sequester? >> absolutely. >> so why are you saying it's the president's deal? >> it was the president's idea. and he just signed a bill -- >> have you guys -- >> to lock in these sequester levels. >> by the way, that's not true, steve. hold on a second. all these guys on the appropriations committee in both the senate and the house have offered to liberalize rules for sub accounts. by the way, the administration has a lot of leeway on sub accounts. guy benson, i come to you again. okay, i'm in favor of the darn sequester. it's not perfect. but some place, sometime, you've got to cut spending and i would rather do that than raise taxes. >> i agree with that, but do it in a slightly smarter way. >> that's what i'm asking. >> they passed laws that would replace sequester. the president, his idea. he signed it into law.
american taxpayers as he can possibly create in order to justify higher taxes, more spending, more deficits. everyone knows what this play is all about. >> go ahead, steve. fight back. >> well, congressman, wasn't john boehner in the room? wasn't mitch mcconnell present for this sequester? >> absolutely. >> so why are you saying it's the president's deal? >> it was the president's idea. and he just signed a bill -- >> have you guys -- >> to lock in...
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Apr 18, 2013
04/13
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i rerecently introduced the disabled veterans red tape deficit reduction act. this is a simple idea that would allow veterans to go to doctors outside the v.a. system to get their claims processed. it would speed it up. but this program is at risk right now. a program that 20% of all veterans use, because the last congress failed to re-authorize it. i urge my colleagues to support this measure for another five years. i yield back. the speaker pro tempore: the gentleman yields back. man eorgiae?pose does t >> to revis my e d remarks. the speaker pro tempore: without objection. mr. johnson: mr. speaker, today i have introduced two bills to help small businesses. we all like to talk about how small business are the engine of our economy, small businesses, and that's because that is true. that's why i will -- i have introduced the help entrepreneurs create american jobs act, which is a bipartisan bill to double the deduction for start-up expenses to encourage entrepreneurs to start a business and create jobs. i'll also introduce the fairness this transparency and c
i rerecently introduced the disabled veterans red tape deficit reduction act. this is a simple idea that would allow veterans to go to doctors outside the v.a. system to get their claims processed. it would speed it up. but this program is at risk right now. a program that 20% of all veterans use, because the last congress failed to re-authorize it. i urge my colleagues to support this measure for another five years. i yield back. the speaker pro tempore: the gentleman yields back. man...
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Apr 18, 2013
04/13
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CNBC
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we are doing major work on the deficit this year. that is slowing the economy. later on the economy can accelerate. overall, it wasn't as bad as it looked in the fourth quarter. it wasn't as good as 3% to 4% if r the first quarter. i think it's good enough. >> wow. a lot of people would take that. you ian say -- i mean, talk about a silver linings playbook that the collapse in goal removes an impediment to hardball asset pricing. with you explain that? >> we have seen a lot of markets are very out of whack in recent years. that causes people to make strange investment decisions. also to cash accounts. still too much money sitting in cash accounts. but it doesn't tell me anything important by the global economy. it just tells me that one side show was that distraction for a lot of investors is ending here. so it's funneling money back in towards long-term inmentes in real estate, in business, in equities. that's where we want to see money invested. >> does that mean you take a gamble on the technology? we'll get results tonight or is this a general bulls market?
we are doing major work on the deficit this year. that is slowing the economy. later on the economy can accelerate. overall, it wasn't as bad as it looked in the fourth quarter. it wasn't as good as 3% to 4% if r the first quarter. i think it's good enough. >> wow. a lot of people would take that. you ian say -- i mean, talk about a silver linings playbook that the collapse in goal removes an impediment to hardball asset pricing. with you explain that? >> we have seen a lot of...
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Apr 16, 2013
04/13
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CNBC
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by almost 2% because the country is a big importer for both commodities and a lower current account deficit will leave the rbi more room to cut interest rates. back to you. >> sixuan, thank you very much indeed for that. lower oil and gold boosting the inn market. >> precisely and significantly. there wasn't much else throwing life into the market. >> there's always a different correlation somewhere. >> a silver lining? maybe. >>> the dow s&p 500 and nasdaq tumbled to their lowest levels yesterday since november. joining us now, gina sanchez. welcome. >> hi. >> so is this it, is this a buying opportunity? do you look at all the declines that we've seen and decide that this is now a pivot point? >> well, i've been calling for consolidation sometime, you know, generally around april is when you start to see a consolidation and then you sell in may and go away. i actually think that is probably going to be what it's going to work out to. obviously, we're getting the signals that have been driving some of this consolidation have been growth. obviously, the bad news at the end of the day with wh
by almost 2% because the country is a big importer for both commodities and a lower current account deficit will leave the rbi more room to cut interest rates. back to you. >> sixuan, thank you very much indeed for that. lower oil and gold boosting the inn market. >> precisely and significantly. there wasn't much else throwing life into the market. >> there's always a different correlation somewhere. >> a silver lining? maybe. >>> the dow s&p 500 and nasdaq...
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Apr 17, 2013
04/13
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CNBC
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>> the budget deficit situations, the debt situations in germany and france are certainly so much better than the rest of the periphery. why now? what has suddenly happened now? certainly growth there's very vulnerable. unemployment rate for all of europe, now 12%, a record high, the ecb's reluctant to ease because they don't think it'll actually help where it needs to help with lending small and medium-sized businesses. but those thing alone, to me, wouldn't justify a downgrade now. but it does to me, bigger picture, just remind us how nervous the markets are. i think that's the take away. >> you said going back to the things you said are somewhat positive. wealth effects, you've got home and equities. >> yep. >> although people think the consumer is not great and that it's still deleveraging. you've got politics, not as much of a head wind as it was. china slowing, but not a hard landing. >> right. heard that from the director. >> central banks are getting easier, maybe not here, talking tapering, the rest of the world getting easier. no reason to reduce risks in equities. that sum thi
>> the budget deficit situations, the debt situations in germany and france are certainly so much better than the rest of the periphery. why now? what has suddenly happened now? certainly growth there's very vulnerable. unemployment rate for all of europe, now 12%, a record high, the ecb's reluctant to ease because they don't think it'll actually help where it needs to help with lending small and medium-sized businesses. but those thing alone, to me, wouldn't justify a downgrade now. but...